A few weeks ago, one of our partners here at VVP had the opportunity to participate in the Closing Bell ceremony at the New York Stock Exchange (NYSE). We thought this would be a fitting time to reflect on what that bell represents. The New York Stock Exchange traces its origins to May 17, 1792, when 24 stockbrokers and merchants gathered under a Buttonwood tree on Wall Street and signed what became known as the Buttonwood Agreement. This agreement established a more orderly way to buy and sell securities. At the time, George Washington was president, and Alexander Hamilton was serving as the first secretary of the Treasury. Hamilton played a central role in creating the country’s first financial system. He established the Treasury Department, pushed for federal assumption of state debts, and helped create the Bank of the United States. Among the earliest securities traded were U.S. government bonds to fund the Revolutionary War, Bank of the United States stock, Bank of New York stock, Bank of North America stock, and a small number of insurance-related securities. The Bank of New York, founded by Alexander Hamilton in 1784, was the first company traded on what would become the NYSE—and it remains publicly traded today under the ticker symbol BNY. The brand-new United States of America was still a young country, and its entrepreneurs and leaders were establishing the rules, institutions, and trust necessary for a functioning capital market. This was truly the beginning of turning our republic into a worldwide economic power. More than 230 years later, the NYSE remains at the epicenter of global finance and the heart of American capitalism. The NYSE has witnessed extraordinary periods of American history—from the Industrial Revolution and two World Wars to the Great Depression, the technology revolution, and the remarkable expansion of American business. It has also experienced its share of difficult markets and painful lessons. In fact, some of the most important improvements to our financial system came from those difficult periods. During one of the greatest challenges our country faced, the Civil War (1861–1865), the NYSE actually stayed open. By the time the war ended in 1865, the U.S. economy entered a period of tremendous industrial expansion. The NYSE became increasingly important as capital poured into railroads, manufacturing, mining, and infrastructure. The NYSE is an extraordinary place and a hub for global trade, but it is not simply about numbers on a screen (there are literally thousands of computers on the floor of the exchange). It is a mechanism for connecting capital with ideas, entrepreneurs with investors, and today’s savings with tomorrow’s opportunities. There is something fitting about that bell being rung every trading day. It reminds us that, despite all the uncertainty that comes with investing, the process continues. Businesses innovate. Entrepreneurs take risks. Capital finds opportunity. And investors (like you, our clients) participate in this growth. Seeing that up close and experiencing a small piece of that history was special. More importantly, it reinforced something we have consistently believed: long-term investing is ultimately a bet on human ingenuity, American enterprise, and our ability to keep moving forward. And after more than two centuries, the bell is still ringing!

 

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Advisory services provided by Venture Visionary Partners, LLC (“VVP”). VVP and Of Dollars And Data are separate, nonaffiliated entities.